Today's Exclusives

• Opalesque Exclusive: ESG is not good enough for investors who want to make a real impact [more]

  B. G., Opalesque Geneva: Dr. Walter Schindler is one of the first to be involved in sustainable investing. Indeed, straight after he left law school in the early 80s, he was the legal advisor to the first renewable power project devel

• Opalesque Exclusive: All about impact at AIM Summit [more]

  B. G., Opalesque Geneva: There were many speakers on sustainable and impact investing at the Geneva AIM Summit last week, all agreeing that the trend in such investments, while it began many years ago in obscurity and misinterpretation, i

• CalSTRS appoints director of investment strategy and risk [more]

  Laxman Pai, Opalesque Asia: Geraldine Jimenez was named director of investment strategy and risk at the California State Teachers' Retirement System (CalSTRS). Investment strategy and risk is a new unit in the investment branch of the $233.9 billion California State Teachers' Retiremen

• Blackstone raises $4.5bn for energy fund [more]

  Laxman Pai, Opalesque Asia: The credit arm of asset-management giant Blackstone Group, GSO Capital Partners has raised $4.5bn for one of the largest energy-focused credit funds ever. The second energy fund, GSO Energy Select Opportunities Fund II LP, comes at a tough time for the energy indu

• Opalesque Roundup: Nearly all hedge fund categories outperformed the S&P 500 in May: hedge fund news, week 22 [more]

  In the week ending June 14th 2019, a report said that hedge fund returns fell last month after four straight months of positive results to start the year, but managed to outperform the broader U.S. stock market - posting much slimmer losses. Nearly all hedge fund categories outperformed the S&P

• Crestbridge opens New York office [more]

  Opalesque Industry Update - Crestbridge, a leading independent fiduciary, administration, accounting and professional services provider, has opened its sixth office, in New York. The representative office, which complements Crestbridge's existing network of offices in London, Luxembourg, Bahra

• Global hedge fund redemptions continue for a second straight month [more]

  Opalesque Industry Update - The pace of hedge fund redemptions slowed in April but continued for a second straight month with $9.4 billion in net outflows worldwide, down from $11.0 billion in March. Despite the outflows, industry assets under management increased to more than $3.09 trillion due to

• Mark R. Freeman launches Socorro Asset Management [more]

  Opalesque Industry Update, for New Managers - Socorro Asset Management LP, a long only asset management firm, will launch on July 1, 2019. Mark Freeman, founder and Chief Investment Officer, will manage the long onl

Today's Other Voices

• Other voices: Impact of the evolving relationship between investors and managers on fund structuring [more]

  By: Justin Savage, Ogier A combination of diminished returns across the hedge fund industry amid challenging market conditions for generating alpha and a continued and increased focus on performance has given rise to a shift away from more traditional hedge fund products to the more attractive r

More Exclusives

• 14. Jun. | Opalesque Roundtable: As venture capital overheats, investors stress caution [more]

  Bailey McCann, Opalesque New York: As venture capital valuations continue to rise, delegates at the recent Opalesque North America PE/VC Roundtable argue that we've reached a point in the cycle where it is prudent to be very selective about investment opportunities. The combination of rising

• 12. Jun. | Opalesque Roundtable: Private equity will continue to perform well, but manager selection is critical [more]

  Bailey McCann, Opalesque New York: Despite a growing pile of dry powder, delegates at the recent Opalesque North America PE/VC Roundtable suggest that private equity will continue to outperform. Demand for private capital remains strong, they say, and the asset class is still uncorrelated to the

• 10. Jun. | Opalesque Roundup: New Chapter for Barnes & Noble as hedge fund buys the bookstore chain: hedge fund news, week 21 [more]

  In the week ending June 07th 2019, Barnes & Noble Inc. is acquired by hedge fund Elliott Management for $638 million and will be taken private. The acquisition follows Elliott's purchase of the British bookstore chain Waterstones in June 2018. Barnes & Noble has faced continued pressure from A

• 07. Jun. | Opalesque Exclusive: Hedge funds watch the trade war amid growing skepticism over the possibility of a resolution [more]

  Bailey McCann, Opalesque New York for New Managers: How much longer can the trade war go on? Market observers are starting to raise concerns about potential impacts to the market if the trade war, which is now in it

• 05. Jun. | Opalesque Exclusive: It is going to be increasingly common that the biggest and the best hedge fund launches are backed by seed capital [more]

  B. G., Opalesque Geneva for New Managers: Gerhard (Gary) Anderson, a partner at US law firm Seward & Kissel, shares his thoughts and outlo

• 03. Jun. | Opalesque Roundup: China-focused hedge funds propel emerging markets assets to record: hedge fund news, week 20 [more]

  In the week ending May 31st 2019, the HFR Asian Hedge Fund Industry Report found that Chinese hedge funds have posted record gains into mid-2019, dominating the risk-on sentiment-fu

• 30. May. | Opalesque Roundtable: Venture investors eye China's Greater Bay [more]

  Bailey McCann, Opalesque New York: Could the Greater Bay area around Hong Kong become a new innovation district for China? Professor Graham Leach, Operating Partner at the Hong Kong Emerging Technologies Venture Fund, says it's possible thanks to the completion of the Hong Kong-Zhuhai-Macau B

• 27. May. | Opalesque Roundup: Hedge funds are gaining steadily this year but for one large credit fund things don't work out as planned: hedge fund news, week 19 [more]

  In the week ending May 24th 2019, hedge funds are gaining steadily this year but still lagging well behind the broader market. The $3.2 trillion industry is up 7% through April while the S&P 500 popped 17.5%, according Preqin. Strong hedge fund performance was additive to industry

• 23. May. | Opalesque Roundtable: As Asian private equity heats up, investors may have to get creative [more]

  Bailey McCann, Opalesque New York: Investments in Asian private equity hit new highs in 2018, according to recent data from Bain & Company. With $883 billion in total assets under management, Asia-Pac

• 20. May. | Opalesque Exclusive: Managing volatility in UCITS [more]

  B. G., Opalesque Geneva: After a couple of VIX spikes earlier this month, much has been said about trade wars and global stocks. But after reaching a high of 36 on Christmas eve, the CBOE Volatility Index, aka VIX or the fear index, is now at almost 16 - and the historical average is between 19 a

• 20. May. | Opalesque Roundup: Hedge funds fail to turn February's net inflows into a two-month trend, but AUM bounces back in April: hedge fund news, week 18 [more]

  In the week ending May 17th 2019, a report by BarclayHedge said that hedge funds extended their run of positive returns to four straight months in April following a five-month string of aggregate de

• 15. May. | Opalesque Exclusive: Quadratic Capital Management debuts first of its kind fixed income ETF [more]

  Bailey McCann, Opalesque New York: Quadratic Capital Management has launched a first of its kind fixed income ETF that uses OTC fixed income options. Quadratic Interest Rate Volatility and Inflation Hedge ETF (NYSE Arca: IVOL), is designed to profit from an increase in fixed income volatility and

• 13. May. | Opalesque Roundup: Hedge funds up 6.52% YTD, best first four months since 2006: hedge fund news, week 17 [more]

  In the week ending May 10th 2019, Hedge funds gained an average of +1.26% in April, the fourth consecutive month of positive returns according to eVestment April 2019 hedge fund performance

• 10. May. | Opalesque Exclusive: Diamond Standard aims to make diamonds a tradable commodity [more]

  Bailey McCann, Opalesque New York: What if you could trade in physical diamond bars the way you trade gold or other precious metals? Diamond Standard, a new company from former quant trader Cormac Kinney, has created the first diamond bar and diamond bar exchange in an effort to add diamonds to

More Other Voices

• 30. May. 2019 | Other Voices: ICOs and digital assets: a new and optional legal regime in France [more]

  By: Philippe Goutay, Linda Hesse, Jones Day The Situation: ICOs and digital assets have become a new phenomenon that has impacted many aspects of our modern economies and created an alternative way of financing for start-ups or small and medium-sized enterprises. The Result: T

• 22. May. 2019 | Other Voices: Show me the data: investors demand better ESG disclosures [more]

  By Jessie M. Gabriel and Lauren T. Attard of BakerHostetler Asset managers are always looking for a valuation edge. But even when key factors are identified, the data may not be available. This is particularly true with environmental, social and governance (ESG) issues. No one will dispute their

• 17. May. 2019 | Other Voices: A round up of key trends in health care private equity investments [more]

  By: Foley & Lardner This conference season, private equity (PE) investors and provider compared notes on the current state of the markets, trends, opportunities and challenges. Below is a summary of key trends that have been discussed. A recent Health Care Private Equity Panel during the Yo

• 24. Apr. 2019 | Other Voices: Shareholder activism trends in the 2019 proxy season [more]

  By: Skadden, Arps, Slate, Meagher & Flom, In 2018, robust U.S. and global M&A activity substantially mitigated the downside risk for activist investors. With political uncertainty ahead of the 2020 presidential election, unsettled questions on trade and tariffs, and the late 2018 market correcti

• 11. Apr. 2019 | Other Voices: Private equity and activism [more]

  By Amadeus Moeser, Sidley Austin LLP The relationship between private equity funds and activist hedge funds has always been double-edged. While in the past, engagements of activists often led to the sale of a target company or less profitable operations of a company to private equity funds, man

• 10. Apr. 2019 | Other Voices: Game changing fund of fund reforms ahead [more]

  by Carlton Fields On December 19, 2018, the SEC proposed rescinding most so-called fund of funds (FoF) exemptive orders and Rule 12d1-2 under the Investment Company Act of 1940 (Act) and replacing them with new Rule 12d1-4.1 Some of these reforms may have significant consequences for both fu

• 12. Mar. 2019 | Other Voices: Hong Kong's SFC puts hedge funds under the microscope with complexity rule [more]

  By: Rory Gallaher, Deacons Under the revised Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission, which is scheduled to come into effect on 6 April 2019, intermediaries must determine whether a product they are selling is a complex product. If a prod

• 26. Feb. 2019 | Other Voices: Three investor bugbears fund managers could easily avoid [more]

  By: Karen Fountain, Brodies Here are three "unforced errors" which could be easily avoided. At every industry conference I have attended there has been an investor panel session where deeply felt frustrations have been vented. There is, of course, an inevitable commercial tension b

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Sea Change Indicators:

Sea Change Long-Term Indicators:

• US Lg Caps – Cash; waiting for successful test of 200-day MA.

• US Mid-Caps – Cash; waiting for successful test of 200-day MA.

• US Small Caps – Cash; back below 200-day MA.

• MSCI EAFE – Cash; waiting for successful test of 200-day MA.

• Emerg. Mkts – Cash; back below 200-day MA.

Sea Change Opportunistic Indicator:

The current reading is 0.93. We will need to see at least two days above 1.20 and then a turn lower on a daily close. If and when it does give us a “buy” signal, the idea is to go “all in” with equity money.